What's an RFI, RFQ, and RFP [Examples and Differences]

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The video discusses the differences between RFI, RFQ, and RFP in procurement. An RFI is used to gather information from a wide range of suppliers, while an RFQ is used to purchase off-the-shelf products or services. An RFP is used when a specific outcome is needed, and suppliers are asked to propose solutions. The video notes that technology makes the RFI process less necessary and that RFPs can be time-consuming.

It is important to note that the video highlights the pros and cons of each type of request. RFI and RFQ can be fast, taking days or weeks, while an RFP can take longer due to its complexity and the need for suppliers to propose solutions.

The video suggests that procurement professionals should learn more about digital procurement, as technology is expected to simplify the procurement process, potentially making RFI less necessary.

Overall, the video provides useful information for procurement professionals or anyone interested in understanding the different types of procurement requests and their purposes.

#procurement #sourcing #supplychain

00:00 Introduction
00:15 What's an RFI
02:20 What's an RFQ
03:48 What's an RFP
05:31 Summary of RFI, RFQ, RFP
05:56 How long they take
06:34 Summary